It’s much better to invest your energy into creating, feeding, and nursing a system that pumps out golden eggs every day. You’ll have to remotivate yourself to come up with another golden egg to chase. If you build your life around a goal, the second you achieve it, it seems like there’s nothing left to achieve. Setting a goal is like saying, “I want that golden egg.” It can be a Rolex watch, Beverly Hills mansion, $500M private jet, $2K dinner at your favorite restaurant. RULE 3: Quit Setting Goals-They’re Keeping You Broke.But it’s not efficient to try doing that from the start. You can go invent brand-new ideas after you have a billion dollars. You’re going to build yourself rich by copying one, making it better, and creating momentum. Unless you’re Elon Musk, Jeff Bezos, or already a billionaire, every idea that you can launch quickly and commercialize has already been thought of. Let go of the excuse that somebody is already on an idea. The key is to analyze a business and pinpoint a need it’s not meeting for its customers-and then meet that need yourself. You have to copy to win, but I get that it’s hard to know what to do, whom to copy, or where to start. Hearst clearly wasn’t sentimental about that. The best (or worst?) part: Pulitzer was actually Hearst’s mentor before they became rivals. By the early twentieth century, Hearst had solidified his spot as the top newspaper publisher in New York City. When Pulitzer charged $.02 for an eight-page paper, Hearst charged $.01 for sixteen pages. Hearst copied, and then he pushed each strategy a few notches beyond what Pulitzer was doing. Hearst copied Pulitzer’s newspaper layout. Pulitzer published his paper, the New York World, with zero competition for more than a decade until Hearst entered the market with the New York Journal and copied every single one of Pulitzer’s strategies. In the late 1800s, newspaper tycoons Joseph Pulitzer and William Randolph Hearst were in a raging circulation war to win over New York City readers. It just seems outrageous because most people are scared to do it. Facebook was ruthless-it went feature by feature and copied every one. When Snapchat released disappearing messages, Facebook added that to its messaging app. When Snapchat released Snapchat Stories, Facebook rolled out Facebook Stories and Instagram Stories. Why?! The way to get filthy rich is by aggressively copying others and then adding your own twist. Launching a new idea is actually a terrible approach to gaining wealth-you have to pay for all the mistakes yourself. Have you ever thought, “Ugh, I would be rich if I’d only come up with XYZ idea that is making that other guy millions”? Are you kidding? Copy him. (Most say “You’re doing too much!” because they’re jealous!) I’ll walk you through my Three-Focus Rule, showing you how you can always have at least three new ideas launched and brewing without spreading yourself too thin. Ignore the conventional wisdom that says it’s impossible to multitask. If that one thing fails, you’re destroyed, and you have to start again from scratch. Likewise, you’d never want to build your wealth around one endeavor. If the wind picks up to two hundred miles per hour and a cable fails, the bridge still has seven other cables to back it up. When engineers design a bridge, they never want to have a single point of failure. Focusing on one thing gives you a single point of failure-whether it’s a job, an investment opportunity, or an entrepreneurial venture. But this is a terrible strategy if you’re looking to build wealth in the new economy. College encourages us to do the same by picking a major. Your parents always told you, you’ve got to do one thing and do it well.
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